Unit 2 Review 10.2.14. Economics is the study of _____, _, and ______ Production, consumption and distribution.

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Presentation transcript:

Unit 2 Review

Economics is the study of _____________, _________________, and ______________ Production, consumption and distribution

True or False A command economy operates based on consumer choice. FALSE, Market

True or False The Law of Self-interest is one of Adam Smiths laws of economics. True

True or False? Karl Marx developed the idea of “Class Consciousness” True

What is Class Consciousness? The idea that workers need to think they are workers in order to unite and overthrow their oppressors.

Who wrote the Communist Manifesto? Karl Marx

Who developed the 3 Laws of Economics Adam Smith

True or False Karl Marx believed that the workers or proletariat should unite. True

True or False Marx was influenced by the abuses he saw during the Agricultural Revolution. False, Industrial Revolution

Socialism or Communism All productive resources are government owned and operated. Labor is organized for the common advantage of the community Communism

Socialism or Communism Centralized planning directs ALL resources. All productive resources are government owned and operated. Communism

Socialism or Communism MANY of the basic resources are government owned and operated. Price plays a major role in the allocation of resources Socialism

Capitalism or Socialism Productive markets are privately owned and operated. Capital is obtained through profits in the market Capitalism

Capitalism or Socialism Supply and demand determine prices Capitalism

Capitalism or Socialism The role of the government is limited to promoting competition. Capitalism